South Dakota § 58-46-8 Capital and surplus requirements.

South Dakota Statutes

§ 58-46-8 — Capital and surplus requirements.

South Dakota § 58-46-8

Title 58INSURANCE

Ch. 58-46CAPTIVE INSURANCE COMPANIES

This text of South Dakota § 58-46-8 (Capital and surplus requirements.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 58-46-8 (2026).

Text

No captive insurance company, other than a trust captive insurance company, may be issued a certificate of authority unless it possesses and maintains unimpaired paid-in capital and surplus of two hundred fifty thousand dollars. A sponsored captive may include the capital and surplus of its protected cells in calculating its capital and surplus. No trust captive insurance company may be issued a certificate of authority unless it possesses and maintains unimpaired paid-in capital and surplus of one hundred thousand dollars or a greater amount of which shall be determined at the discretion of the director. The initial capital and surplus may be in the form of cash or an irrevocable letter of credit issued by a bank chartered by the State of South Dakota or a member bank of the Federal Reser

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No captive insurance company, other than a trust captive insurance company, may be issued a certificate of authority unless it possesses and maintains unimpaired paid-in capital and surplus of two hundred fifty thousand dollars. A sponsored captive may include the capital and surplus of its protected cells in calculating its capital and surplus. No trust captive insurance company may be issued a certificate of authority unless it possesses and maintains unimpaired paid-in capital and surplus of one hundred thousand dollars or a greater amount of which shall be determined at the discretion of the director. The initial capital and surplus may be in the form of cash or an irrevocable letter of credit issued by a bank chartered by the State of South Dakota or a member bank of the Federal Reserve System and approved by the director. The director may prescribe additional capital and surplus for any captive insurance company based upon the type, volume, and nature of insurance business transacted.